'Obvious' financial advice draws boos

After five years of writing a business column for this newspaper, I have come to realize that it's impossible to predict which ones are going to draw strong reader response and which are going to pass with relatively little comment.

As a case in point, I thought my April 1 column was straightforward and would not lead to an inbox of disagreeing e-mails.

Boy, was I wrong.

I don't know if it was because the column ran on April Fools' Day, but it drew strong reactions from several of you — not all of them positive.

To refresh your memory, in the April 1 piece, a reader who wished to remain anonymous said she and her husband had a first and second mortgage and significant credit card debt. This reader wanted to know whether they should continue to pay off their existing debts, or whether they could save on interest by consolidating their loans. The expert I contacted recommended that they consolidate into one new mortgage that they could pay off over eight years, resulting in an interest savings of $10,492 over time.

A reader named Kelsey responded with an e-mail saying that my column "had to be in keeping with the silliness of the day. ...

"Other than a summary of (the anonymous) letter, where was the advice and direction? If (anonymous) had accomplished any homework at all, the writer probably had realized most of the obvious conclusions you provided."

Kelsey went on to say that seniors need "more than the obvious" from someone in my role.

"They need the new ways of looking at the subject of their letter; possible recent information they have missed or dozed off or at the time was not for them and now might be for them," Kelsey wrote. "You need to give them the confidence and knowledge to challenge their financial planner, 401(k) administrator and stock brokerage and break with past investment philosophies when relevant and appropriate for their circumstances."

And Kelsey's admonishment didn't end there. "Please, more direction, more answers and new views for our tired dollars. Have confidence your readers will make the final decision that is right for them. They need a slight shove offering an alternative way and why it works. ... The local investors need a lighthouse."

Ouch!